India’s Merchandise Trade Deficit Narrows To $26.86 Billion In August As Exports Surge 26%
India’s merchandise trade deficit narrowed to $26.86 billion in August, compared with $27.22 billion in the same month last year and $31.98 billion in July, according to data released by the Department of Commerce on Tuesday. The improvement came as merchandise exports grew substantially faster than imports during the month. Goods exports increased 26% year-on-year (Y-o-Y) to $43.81 billion,…
India's trade deficit shrank to $26.86 billion in August 2023, down from $27.22 billion in the previous year and $31.98 billion in July. This improvement was driven by a sharp surge in exports, which grew by 26% year-on-year to $43.81 billion, compared to a 14% increase in imports to $70.67 billion. Merchandise exports reached a total of $215.91 billion between April and August 2023, marking an 18% growth compared to the same period last year.
Despite a wider trade deficit of $147 billion for the April-August period, the export share of India's GDP rebounded to 14%, lifting it from 11.3% in FY26 to a level last seen in FY23.
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